Summers on Bitcoin

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01 May 2014

Larry Summers on bitcoin:

The people who rejected the Internet as a curiosity for scientists were on the wrong side of history, the people who rejected digital photography as really an artificial thing were on the wrong side of history, and the people who felt that non-gimmicky tennis racquets were made with wood were on the wrong side of history. So it seems to me that the people who confidently reject all the innovation here [in new payment and monetary systems] are on the wrong side of history.

I’m not ready to stand with those who are sure they have seen the future here, but it seems to me that it’s a serious mistake to write this off as either ill-conceived or illegitimate.